Across all industries, consumers are demanding more and companies are responding, adapting their commercial models in efforts to meet their customers’ evolving needs. Pharma is not immune to these wider changes and most companies are actively rethinking the traditional model to ensure they can compete in an increasingly multi-channel, multi-stakeholder environment.

Precision medicine can help physicians tailor medicines to the needs of individual patients, rather than by broader populations, leading to a potential annual savings of US$26 billion for the pharmaceutical industry worldwide. Our survey of global leaders in the industry shows that companies are aware of the promise.

Digitize partially—to buy some time Many companies, if not most, are already doing this. They are digitizing key parts of their value chains—and the customer experience in particular. But with so many mainstream players implementing similar initiatives, the advantages partial digitization delivers will soon be commoditized. Partial digitization can and should be used as a learning curve—but remaining relevant for the longer term will require additional, more radical measures. To win—combine partial digitization with building new business models Our analysis shows that only digital all-rounders can hope to become proactive digital leaders. They achieve this by combining partial digitization with building new business models that address new markets. To become a digital all-rounder, companies need to: Provide clear guidance from the top. Digital is here to stay. It needs the same top management attention as any other strategic initiative. Installing a chief digital officer is not sufficient. Every executive needs to make digital a priority and act as an obstacle solver. Address the market as a whole. Seek to create value for the entire health ecosystem—from prevention and care in core markets, to offerings for others. Consider, for example, how Merck’s spin-off Vree Health helps healthcare organizations meet patient engagement, accountable-care and care coordination goals. Look for market growth. If you target the right markets, profitability will be your reward. But think disruptively. Make a completely new attempt to drive success, even if you don’t yet have the performance metrics to prove its worth. Learn, share and partner to create new business opportunities. With the right partner you will develop a wider value orientation. Pfizer, for example, has hooked up with the startup, Akili Interactive Labs, in a clinical trial to evaluate whether or not a video game can be used to predict Alzheimer’s disease. Foster a digital culture and mind-set and build required skills. Sales experience, not digital experience, currently sets the agenda for most pharmaceutical players. That needs to change. So find ways of making life sciences attractive to talent with proven digital skills—the kind of talent behind Google, Twitter, Facebook and Netflix. For more information, download: ALL TO WIN OR ALL TO LOSE: DRIVING DIGITIZATION IN LIFE SCIENCES

So, how exactly does a pharma company create patient-centric growth? Jill Donahue, who is an industry speaker and co-creator of the award-winning program EngageRx, describes this as the million dollar question that pharma companies ask. Donahue has spent her entire career, both inside pharma and now from the outside, advocating that growth through patient centricity is key to pharma’s future.

As patients gain access to increasing amounts of high-quality health data online, their interaction with doctors – and with pharma itself – is changing. Kasper Jerlang, Head, Global Patient Communications at LEO Pharma is excited about the opportunities this offers. “If we want to help patients, we need to shift some of our focus to providing information when they need it and where they look for it,” he says.

As highlighted in ‘The Future of Pharma: Innovation,’ pharmaceutical and biotech leaders were to join IDEA Pharma in launching the first in a series of panel discussion sessions, called "The Future of Pharma." These discussions took place on the evening of January 11th 2016, at the annual J. P. Morgan Healthcare Conference, San Francisco. We spoke to IDEA Pharma CEO, Mike Rea, to find out how the event went.

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